RentOk and Eqaro collaborate to make property renting easy

~The partnership aims to offer the largest collection of zero-deposit homes to tenants across India

~The collaboration helps property owners access to collateral-free working capital

Eqaro Guarantees, a technology led financial guarantees company, recently announced a partnership with RentOk, renting app for residential rentals that advertise property, schedule visits, perform tenant KYC, rent agreement and police verification, and automate rent collection and accounting. Young professionals and students everywhere will be able to purchase homes with no down payment thanks to the agreement.

Over 300 million Indians are expected to move to the top 100 cities in the country over the next ten years, which will increase rental yields significantly, necessitate fractional investments, and shorten the time it takes for tenants to move out of a property. The expansion of the millennial and Generation Z populations in India will contribute to this even more. Due to the high security deposits, which can range from 2 to 12 months' worth of rent, this generation is finding it more and more difficult to rent homes. As part of the cooperation, over 12000 houses in more than 220 sites around the nation will offer $0 deposit residences as well as the creation of an extensive ecosystem of landlords and tenants.

Pankaj Bhansali, Chief Operating Officer  of Eqaro Guarantees said while reflecting on the partnership, “We are delighted with our partnership with RentOk. RentOk has a wide spread presence across the country including key markets like Delhi NCR, Hyderabad, Bangalore, Mumbai & Pune. The partnership envisages a holistic and a growth partner approach to the residential rental segment. While rental bonds provide the landlord with a credit verified and an assessed tenant resulting in faster occupancy with higher rental yields, our customized guaranteeing solutions will help the landlords and co-living operator partners get access to finance by way of advance against rent receivables or collateral free loans. The tenants on the other hand get access to their dream home without the need for security deposit. For the first time in India, the tenants will also be able to carry forward the benefits of their good tenancy track record on to their subsequent tenancies. 

Srijan Raj, CEO of RentOk said: Srijan Raj, CEO of RentOk said: "Our partnership with Eqaro aims to make renting easy for millennials and Gen Z when they move away from home to study or start their first job in a new city. Our goal is to offer the largest collection of zero-deposit homes to tenants across the country while helping our customers (co-living/PG operators, flat owners) find creditworthy tenants backed by an institutional guarantee. Right now, we add 15,000+ new tenants every month. With Eqaro, we want to make sure that these new tenants do not face the challenges of dealing with high security deposits. This partnership also enables collateral-free working capital loans for property owners, allowing them to scale their operations without putting up any collateral. We have also introduced the concept of advance rental for co-living/PG operators in India, whereby they can get their rent in advance through Eqaro's lending partners to meet their working capital requirements."